The junior miner T2 Metals has released an independent NI 43-101 Mineral Resource Estimate for its Sherridon Project in the Flin Flon–Snow Lake Greenstone Belt of west-central Manitoba. The assessment, effective April 22, 2026, covers four copper-dominant volcanogenic massive sulphide (VMS) deposits — Bob, Cold Lake, Lost Lake and Jungle — and confirms substantial Indicated and Inferred resources at shallow depths. These results position Sherridon as a noteworthy copper development opportunity in central Canada with accessible mineralization that could be amenable to open-pit extraction.
The deposits form part of a well-defined mineralized horizon traced for more than 25 km of strike and sit within 8 km of the Sherridon Village, benefitting from year-round road access and an operating rail line. Historical production from the nearby Sherritt Gordon East and West Mines (1931–1951) — which yielded 7.74 million tonnes at 2.46% Cu, 2.84% Zn, 0.6 g/t Au and 33 g/t Ag — provides important geological context and validation for the camp’s VMS character and prospectivity.
Table of Contents:
Key resource results and economic parameters
The independent estimate reports a total Indicated resource of 10.04 million tonnes grading 0.39% Cu, 0.83% Zn, 0.30 g/t Au and 4.75 g/t Ag (equivalent to 1.0% CuEq) and a total Inferred resource of 18.15 million tonnes grading 1.08% Cu, 1.00% Zn, 0.27 g/t Au and 7.05 g/t Ag (equivalent to 1.7% CuEq). The Indicated category comprises over 35% of the total resource, reflecting a meaningful level of confidence. In metal terms this equates to approximately 86 million pounds of copper and 96,000 ounces of gold in the Indicated classification, and about 430 million pounds of copper and 158,000 ounces of gold in the Inferred classification.
Assumptions and technical notes
The MRE uses a Net Smelter Return (NSR) cut-off of US$20 per tonne for open pit and US$55 per tonne for underground reporting. Metal prices applied were US$5.00/lb for copper, US$1.30/lb for zinc, US$3,500/oz for gold and US$45.00/oz for silver, with assumed metallurgical recoveries of 92% for copper, 83% for zinc, 65% for gold and 57% for silver. The copper equivalent (CuEq) formula applied was: CuEq% = Cu% + (Zn% × 0.2346) + (Au g/t × 0.00721) + (Ag g/t × 0.00008). As is standard, the resource is not a reserve and does not demonstrate economic viability; rather, it indicates reasonable prospects for eventual extraction based on conceptual pit shells.
Deposit character and exploration upside
The four deposits are typical of VMS-style mineralization in the belt: massive to semi-massive sulphides dominated by chalcopyrite, sphalerite and pyrite within a calc-alkaline volcanic sequence, and with recognizable footwall alteration. Bob is the best drilled (78 holes) and is defined over about 1.3 km strike and 260 m down dip, remaining open along strike and at depth. Cold Lake and Lost Lake contain high-grade, near-surface intervals that create attractive short-term mining scenarios, while Jungle is less tested and shows potential for step-out expansion. The company also recently received historical Park deposit drill data from Hudbay Minerals and is evaluating that area for a potential future resource update.
Selected drill highlights
Recent and historical intercepts illustrate the camp’s high-grade potential. Notable results include an intercept at Sherridon drill hole SH23005 returning mineralization over more than 23 metres with significant copper, gold, silver and zinc; Cold Lake and Lost Lake have also produced multi-metre intervals exceeding 1% copper with meaningful gold and silver credits. These intercepts support the view that further drilling could materially expand the resource footprint, especially where lenses remain open.
Logistics, funding and next steps
Sherridon lies about 65 km from Flin Flon and 120 km from the McIlvenna Bay development project, offering transportation advantages that include an active rail line through the property and reliable road access. The company highlights that most mineralization is within shallow depths suitable for open-pit methods, improving project flexibility. T2 Metals acknowledges C$75,000 in co-funding support from the Manitoba Mineral Development Fund to assist the resource estimation work.
Looking ahead, T2 Metals plans to use the MRE as the basis to progress toward a Preliminary Economic Assessment (PEA) and to prioritize follow-up drilling at open targets. Company management, including President and CEO Mark Saxon, emphasized the camp nature of Sherridon and the potential to discover additional deposits at depth. The Kiciwapa Cree Nation, represented by CEO Janessa Kosar North, reiterated community support for the project. A NI 43-101 technical report prepared by independent qualified persons, led by Geoffrey Reed (ReedLeyton), will be filed on SEDAR+ within 45 days to document the work in full.
